In recent years, more and more businesses have adopted corporate hospitality as a crucial part of their marketing strategy, which has subsequently seen the market value of the industry grow to an estimated £1.2bn. Research conducted on the Rugby World Cup 2015 examined the ‘return on objective’ opportunities that sports hospitality – major strand of corporate hospitality presents, and revealed that over 80% of senior business managers thought corporate hospitality helped to strengthen personal relationships with their clients.
It is clear, then, that corporate hospitality serves a function in today’s digital world.
Engagement with clients away from the office shows an interest in developing a more personal relationship with third parties rather than one that strictly centres on business. A focus on a return on experience,’ as opposed to a ‘return on investment’ enables you to establish and re-establish long-lasting client relationships, founded on shared experiences and memories. Sharing high quality, memorable experiences is an effective means of establishing a more personal rapport with individuals.